§ 48.23.460. Minimum cash surrender benefits -- Death benefit
For contracts which provide cash surrender benefits, such cash surrender benefits available before maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
[1982 1st ex.s. c 9 § 26.]
Sections: Previous 48.23.360 48.23.370 48.23.380 48.23.410 48.23.420 48.23.430 48.23.440 48.23.450 48.23.460 48.23.470 48.23.480 48.23.490 48.23.500 48.23.510 48.23.520 NextLast modified: April 7, 2009